The USD/CAD pair is closing close to its opening levels during several trading sessions in a row. Market participants are waiting for new drivers despite numerous publications, released in the US this week.
Nevertheless, the key data is due today. Labour market statistics are expected in the US and Canada. As long as forecasts are quite poor for both indicators, it is possible that the trend in the pair will remain undetermined though the volatility is likely to increase.
Support and resistance
Bollinger Bands indicator on the daily chart is directed horizontally. The price range is narrow, but the price remains within its borders. MACD is declining and keeping a week sell signal. Stochastic continues developing its downward dynamics.
It is recommended to wait for clearer trading signals.
Support levels: 1.3300, 1.3265, 1.3224 (12 November low), 1.3164, 1.3100, 1.3037 (3 November low), 1.3000.
Resistance levels: 1.3370, 1.3407 (2 December high), 1.3457 (29 September high), 1.3500.
Pending sell orders can be placed at the levels of 1.3400 and 1.3355 with targets at 1.3310, 1.3280 and stop-loss at 1.3420. Validity – 2-3 days.
Long positions can be opened when the price consolidates above the level of 1.3420 with targets at 1.3470, 1.3500 and stop-loss at 1.3400. Validity – 2-3 days.